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Stack #1968999
Principles of Accounting
| Term | Definition |
|---|---|
| What is a business transaction? | A financial event that changes the resources of the firm. |
| Describe a transaction that increases an asset and the owner's equity. | An example is the initial investment of cash in a business by the owner. |
| What does the term “accounts payable” mean? | Amounts that a company must pay to creditors in the future. |
| Teresa Wells purchased a computer for $3,250 on account for her business. What is the effect of this transaction | Equipment is increased by $3,250 and accounts payable is increased by $3,250 |
| John Amos began a new business by depositing $75,000 in the business bank account. He wrote two checks from the business account: $12,000 for office furniture and $4,000 for office supplies. What is his financial interest in the company? | $55,000 |
| Specialty Import Co. has no liabilities. The asset and owner's equity balances are as follows. What is the balance of “Supplies”? | $29,000 increase |
| Asset | property that a business owns |
| After Preparing a classified bal. sheet, what should the firms total assets and liabilities be? | Cash: 10,500 Assets: Accts Rec: 35,000 Cash, Accts Rec, Allowance, Inventory, PPE=97,000 Liabilities: Allowance for Double Accts: 2,000 Taxes Pay, Salaries Pay, Accts P |
| posted Sales of $245,000 including $125,000 on credit. What adjusting entry should be made at year end to record the estimated expense from uncollectible accounts using the percent of net credit sales method? | Debit $6,250 Uncollectible Accounts Expense, credit $6,250 to Allowance for Doubtful Accounts |
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